Authorities have recently uncovered a real estate fraud scheme involving over $12 million dollars and 100 home owners. Edward Seung Ok, took it upon himself to involve his freedom in this fraudulent scheme. Here are the fine details describing exactly what happened.
Initially, Edward Seung Ok of Huntington Beach, Califiornia was implicated in mail fraud. A different turn of events took its course when he violated his court sanctioned plea agreement by failing to allow authorities access to his overseas account. He transferred over 1.6 million dollars throughout the course of his involvement in the real estate fraud. He even used some of the money for lavish material possessions like a Lamborghini and illegal drugs.
”He selected the prey,”” Assistant U.S. Attorney Greg Lesser said. ”Ok was like the chief of marketing. He also had minions he hired to go find other potential victims.”
U.S, District Judge George King ruled that Ok violated his plea agreement by failing to provide investigators with access to an off shore bank account in the Bank of Nevis on the Caribbean island of St. Kitts into which Ok had transferred more than $1.6 million during the mortgage scam.
While Edward Seung Ok was not the mastermind of the operation, not the ring leader, he did play a role big enough to land him 15 years in prison. Here is exactly how it went down. Through an extensive network of home owners with houses going into foreclosure, their team of skilled real estate workers turned their sites on outright thievery. The group of reputable business people turned thieves reached out with a seemingly helping hand to home owners facing foreclosure, offering loans to refinance their financial misery. But instead of actually following through on getting them a loan, he was using “straw buyers” on the application.
Straw buyers are people who have the credit score to get a loan but have no real interest or involvement in the financing. When the mortgages got funded, the main objective of the scheme became to pocket a little bit of each mortgage loan. After they accomplished in accumulating the stolen funds, a total of four people were discovered and charged with real estate fraud. Each member of the team received varying prison sentences. 366 days, 540 days and 1080 days!
This example goes to show, crime is always being discovered and thieves are almost always caught. No matter how hidden you think you are and how much you don’t care, any crime you commit can be the fast track to prison. Don’t risk your freedom on irresponsible behavior.